第一创业晨会纪要-20250624

Group 1: Nuclear Power Industry - The state of New York plans to construct a large nuclear power facility, marking the first new large nuclear plant in the U.S. in 15 years, with a directive to add at least 1GW of new nuclear power to aging reactors [1] - The restart of nuclear power construction in the U.S. is expected to benefit Chinese companies like China National Nuclear Corporation and Dongfang Electric, as many large castings for global nuclear plants are imported from China [1] - The revival of nuclear power is anticipated to drive up uranium prices, benefiting mining companies such as CGN Mining and China National Nuclear International [1] Group 2: Advanced Manufacturing Industry - In May, China's newly installed photovoltaic capacity reached 92.92GW, a year-on-year increase of 388.02%, with cumulative installed capacity surpassing 1TW [5] - The surge in installation is attributed to new policies and a rush to install before regulatory deadlines, but a decline in installation is expected in the second half of the year as policy incentives fade, potentially leading to a price drop for components [5] - The industry may see increased consolidation as many small and heavily indebted companies exit the market due to price wars, while energy storage solutions are viewed as a key factor for project economics, benefiting companies in the storage battery and inverter sectors [5] Group 3: Consumer Industry - The white liquor sector is experiencing adjustments due to policies aimed at reducing waste in government spending, with expectations that the ban on extravagant dining will impact demand [7] - Recent commentary clarifies that not all dining is banned, but the market for premium liquor like Moutai continues to see declining prices, indicating a lack of recovery in downstream purchasing intentions [7] - The overall demand for white liquor remains significantly influenced by macroeconomic conditions, and substantial improvement in demand is expected to take time [7]